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RIO CAN TSX : REI.UN RioCan's Second Quarter Results Demonstrate Strength and Recovery Momentum • Robust leasing activity with 1.4 million sq . ft . of new and renewed leases with new leasing spread of 9.2 % and blended leasing spread of 5.4 % ; • Continued improvements in committed occupancy to 96.1 % up 30 bps from Q1 2021 ; • Net income of $ 145.3 million , an improvement over the same period last year ; ⚫ FFO / unit improved to $ 0.40 from $ 0.35 for Q2 2020 and from $ 0.36 for Q1 2021 ( ) ; • Capital recycling program accelerates to $ 841.6 million in closed , firm and conditional deals for 2021 . Toronto , Ontario ( August 5 , 2021 ) - RioCan Real Estate Investment Trust ( " RioCan " or the " Trust " ) announced today its financial results for the three and six months ended June 30 , 2021 ( the " Second Quarter " ) . " RioCan's strong performance in the Second Quarter further exhibits the strength of our portfolio and team . We have weathered the pandemic and are poised to thrive as the economy reopens . We delivered strong operational and financial performance with growth in FFO / unit for the quarter despite the impact of the pandemic's third wave , " said Jonathan Gitlin , President and CEO of RioCan . " Ongoing momentum in leasing activity drove positive trends in occupancy and further strengthened the quality of our income as tenants continue to be attracted to our exceptionally well - located properties . We remain focused on investing in the strength of our stable foundation , surfacing the value inherent in our portfolio and capitalizing on the numerous opportunities available to us to augment our income as we accelerate our growth trajectory and drive long - term value . " ( in millions except percentages , square feet and per unit values ) Three months ended June 30 2021 2020 Six months ended June 30 2021 2020 Financial Highlights Net income ( loss ) $ 145.3 $ ( 350.8 ) $ Weighted average Units outstanding - diluted ( in thousands ) FFO ( ii ) 317,882 317,721 252.0 317,771 $ ( 247.9 ) 317,717 $ 127.5 FFO ( excluding debenture prepayment costs ) ( ii ) $ 127.5 FFO per unit - diluted ( ii ) $ 0.40 FFO per unit - diluted ( excluding debenture prepayment costs ) ( ii ) $ 0.40 EA EA EA CA $ 109.9 $ 233.6 $ 109.9 $ 240.6 $ 0.35 $ 0.73 $ 0.35 $ 0.76 EA EA EA EA $ 254.5 $ 254.5 $ 0.80 $ 0.80 Operation Highlights ( vi ) Same property NOI growth ( decline ) - overall portfolio ( ii ) Six major markets - % of total annualized revenue ( iii ) 7.8 % ( 10.8 ) % 1.0 % ( 4.3 ) % 91.1 % 90.1 % 91.1 % 90.1 % Greater Toronto Area - % of total annualized revenue ( iii ) 50.9 % 52.1 % 50.9 % 52.1 % Occupancy - committed six major markets ( iii ) 96.3 % 96.8 % 96.3 % 96.8 % Occupancy - committed total portfolio ( iii ) 96.1 % 96.4 % 96.1 % 96.4 % Blended leasing spread New leasing spread Renewal leasing spread 5.4 % 5.8 % 6.5 % 5.7 % 9.2 % 19.8 % 11.8 % 9.2 % 4.2 % 4.6 % 4.5 % 5.0 % Development Highlights Development completions - sq . ft . in thousands 30.0 Development expenditures ( iv ) $ 110.1 $ 4.0 114.6 60.0 137.0 $ 197.6 $ 217.5 Properties under development and residential inventory as a percentage of consolidated gross book value of assets ( maximum permitted : 15 % ) ( iii ) ( iv ) 10.9 % 10.7 % 10.9 % 10.7 % As at Balance Sheet Strength Highlights Debt to Adjusted EBITDA ( ii ) ( v ) Ratio of total debt to total assets ( ii ) ( iii ) ( v ) ( i ) Unencumbered assets ( ii ) ( iii ) ( v ) Unencumbered assets to unsecured debt ( ii ) ( iii ) ( v ) Excluding debenture prepayment costs . June 30 , 2021 December 31 , 2020 9.87x 9.47x 44.7 % 45.0 % $ 8,480 $ 8,727 224 % 215 % ( ii ) A Non - GAAP measurement . For definitions and the basis of presentation of RioCan's Non - GAAP measures , refer to the Non - GAAP Measures section in RioCan's Management's Discussion and Analysis ( MD & A ) for the three and six months ended June 30 , 2021 . ( iii ) Information presented as at respective periods then ended . ( iv ) Includes costs incurred for various properties under development and for residential inventory in respective reporting periods . ( v ) At RioCan's proportionate share . ( vi ) Includes commercial portfolio only except for total annualized revenue statistics .